FOSCA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-07-2026 at the NBB all 26 filings
Turnover
≈ €1.5m
Estimated: probably between €1.0m and €2.4m
EBIT margin
Not included in this filing
Net result
€76,182▲ 6.8%
2024 · €71,358
Working capital
€212,904▼ 11.7%
2024 · €241,086
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€106,435
▼ 8.0%
2025
20182025
Net result
€76,182
▲ 6.8%
2025
highest quarter of the sector
20182025
Equity
€631,519
▼ 6.1%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▲ 5.2%
2025
highest quarter of the sector
20182025
Debt
€572,308
▲ 21.5%
2025
20182025
Working capital
€212,904
▼ 11.7%
2025
highest quarter of the sector
20182025
Solvency
52.5%
▼ 6.4pp
2025
middle half of the sector
20182025
Current ratio
1.45
▼ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
6.3%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
3.4
▲ 3.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.2m▲ 21.3%-€0.004m€0.1m€0.1m▲ 30.3%€0.1m▼ 7.7%€0.1m▼ 13.4%€0.1m▼ 8.0%
Net result€0.09m-€0.1m▲ 19.0%-€0.01mbelow the sector's middle half€0.09mabove the sector's middle half€0.1mabove the sector's middle half▲ 23.0%€0.09mabove the sector's middle half▼ 13.4%€0.07mabove the sector's middle half▼ 22.0%€0.08mabove the sector's middle half▲ 6.8%
Equity€0.3m-€0.4m▲ 39.3%€0.4mwithin the sector's middle half▼ 2.9%€0.5mabove the sector's middle half▲ 23.6%€0.6mabove the sector's middle half▲ 23.4%€0.6mabove the sector's middle half▲ 16.5%€0.7mabove the sector's middle half▲ 4.0%€0.6mabove the sector's middle half▼ 6.1%
Total assets€0.6m-€0.7m▲ 20.3%€0.6mwithin the sector's middle half▼ 17.3%€0.7mabove the sector's middle half▲ 20.2%€1.0mabove the sector's middle half▲ 53.7%€1.1mabove the sector's middle half▲ 4.9%€1.1mabove the sector's middle half▲ 4.5%€1.2mabove the sector's middle half▲ 5.2%
Debt€0.3m-€0.3m▲ 3.0%€0.2m▼ 34.8%€0.2m▲ 14.1%€0.5m▲ 114%€0.4m▼ 8.2%€0.5m▲ 5.4%€0.6m▲ 21.5%
Working capital€0.2m-€0.2m▲ 46.0%€0.2mwithin the sector's middle half▲ 0.9%€0.2mabove the sector's middle half▼ 32.8%€0.2mabove the sector's middle half▲ 51.5%€0.2mabove the sector's middle half▼ 12.4%€0.2mabove the sector's middle half▲ 10.1%€0.2mabove the sector's middle half▼ 11.7%
Solvency47.5%-55.0%▲ 7.5pp64.6%above the sector's middle half▲ 9.5pp66.4%above the sector's middle half▲ 1.8pp53.3%within the sector's middle half▼ 13.1pp59.1%within the sector's middle half▲ 5.8pp58.8%within the sector's middle half▼ 0.3pp52.5%within the sector's middle half▼ 6.4pp
Current ratio1.80-2.02▲ 0.222.60above the sector's middle half▲ 0.581.78within the sector's middle half▼ 0.821.72within the sector's middle half▼ 0.051.67within the sector's middle half▼ 0.051.65within the sector's middle half▼ 0.021.45within the sector's middle half▼ 0.21
Return on assets (ROA)15.7%-15.5%▼ 0.2pp-1.9%below the sector's middle half▼ 17.5pp12.7%within the sector's middle half▲ 14.6pp10.1%within the sector's middle half▼ 2.5pp8.4%within the sector's middle half▼ 1.8pp6.2%within the sector's middle half▼ 2.1pp6.3%within the sector's middle half▲ 0.1pp
Staff (FTE)2-3▲ 50.0%3within the sector's middle half=2.4▼ 20.0%3.1▲ 29.2%3.2▲ 3.2%3.3▲ 3.1%3.4▲ 3.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 8% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€514,123 ▼ 3.5%
Current assets
€689,704 ▲ 12.9%
Equity and liabilities €1.2m
Equity
€631,519 ▼ 6.1%
Debt
€572,308 ▲ 21.5%
Debt's share of the balance-sheet total rises from 41.2% to 47.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€164,344▼
2024 · €176,286
Cash flow
€134,091▲
2024 · €131,947
Quick ratio
0.99▼
2024 · 1.06
Debt to equity
0.91▲
2024 · 0.70
ROE
12.1%▲
2024 · 10.6%
Interest coverage
40.23▲
2024 · 9.66
Debt ≤ 1 year
€476,800▲
2024 · €369,869
Debt > 1 year
€95,508▼
2024 · €100,633
Income taxes
€29,870▲
2024 · €26,824
Staff costs
€171,277▲
2024 · €164,568
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 4 | 4 |
| full-time | 3 | 3 | 2 | 3 | 3 |
| part-time | - | - | 1 | 1 | 1 |
| in full-time equivalents | 3 | 3 | 2.5 | 3.2 | 3.2 |
| Average over the year, in full-time equivalents | 2.4 | 3.1 | 3.2 | 3.3 | 3.4 |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | 5 | 7 | 9 | 4 | 6 |
| Left | 5 | 7 | 9 | 3 | 6 |
| Training hours | - | - | 35 | 21 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €190,435 | €190,270 | €157,755 | €45,430 | €47,167 |
| Depreciation and write-downs of the year | €44,313 | €44,186 | €55,969 | €60,589 | €57,909 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €79,492 | €135,705 | €149,612 | €164,568 | €171,277 | ▲ 4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,599 | €45,597 | €44,176 | €44,313 | €44,186 | €55,969 | €60,589 | €57,909 | ▼ 4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3,480 | €2,475 | €5,331 | €319 | - | - |
| Other operating charges640/8 | - | - | - | €7,763 | €5,598 | €8,850 | €5,620 | €5,733 | ▲ 2.0% |
| Gross operating margin9900 | €261,821 | €324,894 | €116,574 | €246,084 | €332,675 | €353,373 | €346,793 | €341,354 | ▼ 1.6% |
| Operating profit (loss)9901 | €134,402 | €163,081 | -€4,170 | €111,036 | €144,711 | €133,611 | €115,697 | €106,435 | ▼ 8.0% |
| Financial income75/76B | - | - | - | €529 | €534 | €547 | €733 | €3,702 | ▲ 405% |
| Recurring financial income75 | - | €972 | - | €529 | €534 | €547 | €733 | €3,702 | ▲ 405% |
| Financial charges65/66B | - | - | - | €7,176 | €8,874 | €11,169 | €18,248 | €4,085 | ▼ 77.6% |
| Recurring financial charges65 | €10,819 | €7,558 | €6,646 | €7,176 | €8,874 | €11,169 | €18,248 | €4,085 | ▼ 77.6% |
| Profit (loss) for the period before taxes9903 | €123,583 | €156,495 | -€10,816 | €104,389 | €136,371 | €122,989 | €98,182 | €106,052 | ▲ 8.0% |
| Income taxes67/77 | €34,508 | €50,530 | €138 | €18,553 | €30,835 | €31,548 | €26,824 | €29,870 | ▲ 11.4% |
| Profit (loss) for the period9904 | €89,075 | €105,965 | -€10,954 | €85,836 | €105,536 | €91,441 | €71,358 | €76,182 | ▲ 6.8% |
| Profit (loss) for the period to be appropriated9905 | €89,075 | €105,965 | -€10,954 | €85,836 | €105,536 | €91,441 | €71,358 | €76,182 | ▲ 6.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.7m | €0.6m | €0.7m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 5.2% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 3.5% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 3.5% |
| Land and buildings22 | - | - | - | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 7.8% |
| Plant, machinery and equipment23 | - | - | - | €0.009m | €0.005m | €0.01m | €0.003m | €0.002m | ▼ 30.6% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.04m | €0.03m | €0.03m | €0.05m | ▲ 80.1% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.003m | €0.002m | €0.002m | €0.002m | ▼ 30.5% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.4m | €0.5m | €0.4m | €0.4m | €0.6m | €0.5m | €0.6m | €0.7m | ▲ 12.9% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.3% |
| Stocks30/36 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.3% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.03m | €0.04m | €0.07m | €0.09m | €0.09m | €0.09m | ▼ 2.8% |
| Trade receivables40 | - | - | - | €0.03m | €0.06m | €0.08m | €0.07m | €0.08m | ▲ 10.3% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.01m | €0.02m | €0.008m | ▼ 54.3% |
| Current investments50/53 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.1m | €0.1m | ▲ 27.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.005m | €0.005m | €0.003m | €0.003m | ▼ 4.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €0.6m | €0.7m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 5.2% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 6.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 6.3% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves not available under the articles1311 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.5m | €0.6m | €0.6m | €0.6m | ▼ 6.6% |
| Profit (loss) carried forward14 | €0.003m | €0.003m | -€0.008m | €0 | - | - | - | - | - |
| Amounts payable17/49 | €0.3m | €0.3m | €0.2m | €0.2m | €0.5m | €0.4m | €0.5m | €0.6m | ▲ 21.5% |
| Amounts payable after more than one year17 | €0.09m | €0.07m | €0.05m | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.1% |
| Financial debts170/4 | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.1% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 28.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.04m | €0.02m | €0.01m | €0.02m | ▲ 46.0% |
| Trade debts44 | €0.1m | €0.1m | €0.05m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 1.4% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 1.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.05m | €0.03m | €0.04m | €0.03m | ▼ 34.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.02m | €0.03m | €0.01m | ▼ 53.9% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 0.9% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 74.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.001m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89,075 | €105,965 | -€10,954 | €85,836 | €105,536 | €91,441 | €71,358 | €76,182 | ▲ 6.8% |
| + Depreciation and write-downs630 | €40,599 | €45,597 | €44,176 | €44,313 | €44,186 | €55,969 | €60,589 | €57,909 | ▼ 4.4% |
| Operating cash flow (approximation) | €129,674 | €151,562 | €33,222 | €130,149 | €149,722 | €147,410 | €131,947 | €134,091 | ▲ 1.6% |
| Investment in fixed assets (approximation) | - | -€53,959 | -€9,862 | -€180,392 | -€190,270 | -€157,239 | -€45,430 | -€39,040 | ▲ 14.1% |
| Change in cash | - | €89,638 | €30,463 | -€29,092 | €117,669 | -€86,540 | -€32,889 | €53,354 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as FOSCA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FOSCA itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for FOSCA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-07-2026 | 2026-00315351 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00316667 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00248197 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00257795 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20410765 | |
| 31-12-2020 | full format | 19-07-2021 | 2021-37800025 | |
| 31-12-2019 | full format | 30-07-2020 | 2020-37600307 | |
| 31-12-2018 | full format | 31-07-2019 | 2019-41500349 | |
| 31-12-2017 | full format | 19-07-2018 | 2018-35300438 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-38400291 |